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Mooresville Savings Bank, Inc., SSB

Mooresville, NC · Cert 29873

FDIC

Q3 2008

$158.4MAssets
$136.5MLoans
$134.8MDeposits
$16.8MEquity
Loan mix
99%RE $123.1M1%C&I $1.7M0%Consumer $0.1MQ3 2007Q3 2008
Deposit mix
98%Interest-bearing $132.2M2%Noninterest $2.6MQ3 2007Q3 2008

NIM

6.09%Q3 ’066.32%Q3 ’075.93%Q3 ’08-5%-4%

Non-interest income vs. expense

3.02%Q3 ’062.71%Q3 ’072.65%Q3 ’08-10%-2%

Executive Summary

  • Earnings: ROA of 0.22%, down 3 bps year over year; NIM at 2.86%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.20%.
  • Funding: loans stand at 101.26% of deposits as of Q3 2008.

Financial Results

Return on Assets (YTD, annualized)

0.22%-3 bps YoY

Net Interest Margin (YTD, annualized)

2.86%-13 bps YoY

Efficiency Ratio (YTD, annualized)

88.24%+156 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ3 2007Q4 2007Q1 2008Q2 2008Q3 2008YoY ΔTrend
Earnings
Return on Assets0.25%0.31%0.22%0.19%0.22%-3 bps
Return on Equity2.19%2.75%2.03%1.75%2.03%-16 bps
Net Interest Margin2.99%2.92%2.78%2.76%2.86%-13 bps
Efficiency Ratio86.68%81.91%87.61%89.66%88.24%+156 bps
Non-Interest Burden2.57%2.36%2.42%2.46%2.51%-6 bps
Growth
Asset Growth (YoY)5.60%1.62%4.47%3.87%2.62%-298 bps
Loan Growth (YoY)3.38%2.60%0.79%1.23%2.69%-68 bps
Deposit Growth (YoY)6.80%6.39%5.29%4.61%0.12%-668 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.11%0.15%0.61%0.30%0.20%+8 bps
Allowance / Loans0.53%0.59%0.44%0.44%0.43%-11 bps
Allowance Coverage of NPLsn/an/an/an/an/an/an/a
Capital
Tier 1 Leverage Ration/an/an/an/an/an/an/a
Total Risk-Based Capital18.22%18.31%18.02%17.84%15.48%-274 bps
Equity / Assets10.97%11.05%10.77%10.77%10.64%-34 bps
Liquidity & Funding
Loans / Deposits98.73%100.13%96.59%97.48%101.26%+254 bps
Liquid Assets / Assets8.91%7.19%6.88%6.22%8.89%-2 bps
CRE / Total Capitaln/an/an/an/an/an/an/a